Swiss bank Julius Baer to pay $547m on US tax probe

Swiss bank to pay $547m to settle US tax evasion probe

Julius Baer said it expects to pay about $547m (€499m) to settle a US criminal investigation into how it helped Americans evade taxes, clearing the way for other Swiss banks to resolve similar probes.

The agreement in principle between Switzerland’s third-largest wealth manager and the US Justice Department sets the penalty bar for about a dozen Swiss banks looking to resolve criminal probes of their conduct.